Marjorie corporations ”total” reasonable business needs for 2021 was $320,000. Marjorie corporation accumulated earnings and profits ( E & P) at the beginning of 2021 was $210,000 ( including consideration for the dividends listed below) Marjorie Corporation also had the following information for 2021. Taxable income $350000, federal income tax $119,000, dividends received ( less than 20& owned domestic corporation $ 100,000, Cash dividends paid in 2021 $ 40,000, dividends paid January 31 2021 $ 20,000, Consent dividends $ 10,000, Excess charitable contribution $ 16,000. Net capital loss adjustment $ 8000. The Accumulated taxable income for purpose of the Accumulated Earnings tax for Marjorie’s Corporation for the year of 2021 is 1.$97000 2.$90000 3.$110000 4.$100000 Answer is $97,000 please explain this how 2. Marjorie corporations ”total” reasonable business needs for 2021 was $320,000. Marjorie corporation’s Accumulated earnings and profits ( E & P) at the beginning of 2021 was $210,000 ( including consideration for the dividends listed below) Marjorie Corporation also had the following information for 2021. Taxable income $350,000, federal income tax $119000, dividends received ( less than 20% owned domestic corporation) $ 100,000, Cash dividends paid in 2021, $ 40,000, dividends paid January 31 2021 $ 2,0000, Consent dividends $ 10,000, Excess charitable contribution $ 16,000, Net capital loss adjustment $ 8,000. The Accumulated Earnings Tax for Marjorie Corporation for the year of 2021 is 1.$100000 2.$40000 3.$20000 4. $19400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

1. Marjorie corporations ”total” reasonable business needs for 2021 was $320,000. Marjorie corporation accumulated earnings and profits ( E & P) at the beginning of 2021 was $210,000 ( including consideration for the dividends listed below) Marjorie Corporation also had the following information for 2021. Taxable income $350000, federal income tax $119,000, dividends received ( less than 20& owned domestic corporation $ 100,000, Cash dividends paid in 2021 $ 40,000, dividends paid January 31 2021 $ 20,000, Consent dividends $ 10,000, Excess charitable contribution $ 16,000. Net capital loss adjustment $ 8000. The Accumulated taxable income for purpose of the Accumulated Earnings tax for Marjorie’s Corporation for the year of 2021 is

1.$97000

2.$90000

3.$110000

4.$100000

Answer is $97,000 please explain this how

2. Marjorie corporations ”total” reasonable business needs for 2021 was $320,000. Marjorie corporation’s Accumulated earnings and profits ( E & P) at the beginning of 2021 was $210,000 ( including consideration for the dividends listed below) Marjorie Corporation also had the following information for 2021. Taxable income $350,000, federal income tax $119000, dividends received ( less than 20% owned domestic corporation) $ 100,000, Cash dividends paid in 2021, $ 40,000, dividends paid January 31 2021 $ 2,0000, Consent dividends $ 10,000, Excess charitable contribution $ 16,000, Net capital loss adjustment $ 8,000. The Accumulated Earnings Tax for Marjorie Corporation for the year of 2021 is

1.$100000

2.$40000

3.$20000

4. $19400

the answer is $ 19,400 please explain how

Expert Solution

Step by step

Solved in 4 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions